The market level (magnitude) of economic rent is determined by the
a. supply side of the market.
b. demand side of the market.
c. intersection of supply and demand.
d. elasticity of demand for land.
b
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If the slope of the rays from the origin to the total variable cost curve declines along the curve, it implies:
a. the average variable cost is falling. b. the marginal cost is falling. c. the average variable cost is rising. d. the marginal cost is rising.
Which of the following statements is true?
a. The quality of products sold in black markets tends to be less reliable than the quality of products in legal markets. b. For otherwise identical products, the price of products in black markets tends to be higher than in legal markets. c. The rate of violence is higher in black markets than in legal markets. d. All of the above are true.